Former US President and Republican presidential candidate Donald Trump has reaffirmed his unwavering support for the crypto industry. Speaking at the Bitcoin Conference in Nashville, Tennessee, USA, the billionaire and former bitcoin critic outlined several crypto adoption plans he intends to implement in office if elected, part of which includes significant regulatory changes.
Trump said SEC Chairman Gary Gensler would be fired on day one
According to Donald Trump, his first action in embracing crypto adoption as US president would be to immediately fire Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC). Certainly, this promise is likely to resonate with people 52 million US crypto users Because Gensler is widely viewed as a staunchly “anti-crypto” regulatory official.
While the SEC may have approved Bitcoin and Ethereum spot ETFs during Gensler’s tenure, the commission has also gained a notorious reputation for cracking down on crypto companies through enforcement actions and refusing to create new rules tailored to the uniqueness of the digital asset industry.
Donald Trump said he would appoint a new SEC chairman who would support the growth of cryptocurrencies, as he believes the US should help build the future rather than “block” it. Furthermore, the presidential candidate has promised to protect the industry from anti-crypto regulations from Bitcoin critic Elizabeth Warren and other legislators and generally reverse the “anti-crypto” stance of the Joe Biden administration.
Along with this important policy change, the former US President also reiterated his plan to create a national Bitcoin reserve to convert the crypto market leader into a strategic reserve asset pegged to the US dollar. Furthermore, he promised that the US government will retain ownership of all Bitcoin in its possession rather than engage in sales in the market. Donald Trump has also assured cryptocurrency users that he will put an end to any central bank digital currency (CBDC) project by the US government, and will continue to uphold their right to self-custody of their assets.
Trump plans to turn the US into a crypto hub
Donald Trump has also expressed his intentions to make the US the crypto capital and the world’s bitcoin superpower if he is elected to the presidency. The billionaire has taken a pro-bitcoin position, which will lead to the market capitalization of this asset exceeding the market capitalization of gold in the coming years. He urged all investors present to hold on to their assets, while also promising that Bitcoin and other tokens would “skyrocket phenomenally” if he wins as president.
As time goes by, the crypto industry is gaining more attention in relation to the US elections scheduled for November. With Donald Trump’s pro-crypto stance, some Democrats It is now written The Democratic National Committee has been called for a change in the party’s hostile policy towards crypto assets. Notably, they have advised new Democratic presidential candidate Kamala Harris to adopt a pro-crypto vice-presidential candidate to improve the party’s chances in the vote.
Featured image from Britannica, chart from Tradingview.com
